1 Choose 5 different interest rates and five different down payments. List the amount you would be qualified to borrow in a 30 year loan, 15 year loan, and 7 year balloon loan.
2 Find your monthly payment for the following
$120,000 with a 20 % down payment in a 30 year conventional loan and a 15 year loan.
$80,000 with a 20% down payment in a 30 year and 15 year loan
$45, 000 with a 10% down payment in a 30 year and 15 year loan
3 If you wish to buy a $150,000 with 10% down what does your annual income need to be. ?
Do the same calculation for an $85,000 home with 20% down.
4 Go to the amortization calculator and find the following:
If you buy a house for 100, 000 at 7.5 % interest in a standard 30 year mortgage, how much will you be paying on the principal in the 10th year of the loan
Do the same calculation for a $75,000 at 7% interest.